PETALING JAYA: Malaysian-backed Battersea Power Station Development Co Ltd has secured a £280mil, equivalent to RM1.52bil, refinancing loan to support the next phase of its London development amid a quieter property market.
It said the refinancing facility will support the development of the remaining 16 acres of the 42-acre riverside land, providing a financial foundation for the continued delivery of this project.
The refinancing was secured from its longstanding relationship lenders, CIMB Bank, OCBC Bank, Malayan Banking Bhd
and Standard Chartered Bank.
The announcement follows the submission of a revised masterplan by Studio Egret West for the remaining 16 acres of undeveloped land at Battersea Power Station.
The plan proposes up to 3.2 million sq ft of residential, commercial and leisure space, nearly doubling the development delivered to date and completing the riverside neighbourhood.
Construction of the next phase, Prospect Place South, began in early September.
The two buildings, designed by Gehry Partners, will deliver about 300 homes, 65,000 sq ft of retail and dining space, a 15,000 sq ft community hub and a bike hub, while completing the pedestrianised Electric Boulevard high street.
Battersea Power Station chief financial officer Chee Seng Siew said against a quieter property market, the continued support from its lenders reflects confidence in the transformation achieved so far, from the restoration of the once derelict Grade II- listed power station to the creation of a thriving riverside neighbourhood, and the opportunity that lies ahead.
“Following the submission of our revised masterplan for the future phases, the start of construction on Prospect Place South and securing planning approval for 200 high-quality council homes, this refinancing loan marks another important step for the regeneration of Battersea Power Station.
“It provides a firm financial foundation for developing the remaining 16 acres of land and creates sustained value for our shareholders and the wider neighbourhood,” Chee said in a statement yesterday.
Planning permission has also been granted for 200 council homes under Wandsworth Council’s Homes for Wands-worth programme.
To be built in Phase 5, the homes will be offered to local residents, including families, at social rents, with construction expected to begin in early 2027.
To date, the project’s Malaysian shareholders, S P Setia Bhd, Sime Darby Property Bhd and the Employees Provident Fund, have invested more than £5bil in the development.
